In a significant maneuver within the financial sphere, Swiss-based asset management company Pando has marked its foray into the competitive US market by initiating the process of filing for a Bitcoin Exchange-Traded Fund (ETF). This strategic move has already set ripples across the cryptocurrency market, pushing Bitcoin’s value to a staggering height of over $43,000, a level not witnessed since the upheaval of TerraUSD back in May 2022.

Pando, an established player in Europe’s cryptocurrency domain with a strong presence boasting three spot crypto Exchange-Traded Products (ETPs) on the SIX Swiss Exchange, has taken the plunge to expand its horizons to the United States. The recent filing of the 19b-4 form with the Chicago Board Options Exchange (CBOE) signifies Pando’s ambition to tap into the burgeoning US market for Bitcoin ETFs, joining a competitive landscape with 13 other contenders eyeing the same opportunity.

This pivotal move comes hot on the heels of Pando’s earlier submission of the S-1 form to the US Securities and Exchange Commission (SEC), aiming to register securities for its proposed Spot Bitcoin Trust. Notably, the Bank of New York Mellon has been appointed as the administrator for this prospective ETF. However, it’s important to note that Pando’s current lack of registration as an investment company with the SEC introduces certain complexities into their application process, adding an intriguing layer to this unfolding narrative.

The cryptocurrency market’s enthusiastic response to Pando’s strategic maneuver is palpable, with industry analysts and experts, such as Bloomberg’s Eric Balchunas, expressing heightened confidence in the likelihood of an ETF approval, projecting an estimated 90% probability by January 10. This positivity and market optimism are indicative of the potential impact of a US spot Bitcoin ETF approval on the wider landscape of cryptocurrency acceptance and regulation.

The crypto community is closely monitoring these developments, especially in light of the impending Bitcoin halving event. Recent data from Coinglass highlights the market’s acute sensitivity to regulatory decisions, with over $109 million in Bitcoin short positions liquidated within the last 24 hours. This reflects the eagerness and heightened anticipation surrounding the SEC’s decision regarding Pando’s Bitcoin ETF proposal.

The cryptocurrency market reverberates with positive echoes amidst Pando’s ambitious strides, propelling Bitcoin’s price beyond the $43,000 mark—a threshold unseen since the TerraUSD collapse in May 2022. This upsurge mirrors the market’s buoyant sentiment regarding the probable approval of a US spot Bitcoin ETF. Notable industry pundits, such as Bloomberg’s Eric Balchunas, exude confidence, estimating a staggering 90% probability of approval by January 10.

The crypto community remains on high alert, attentively observing the developments surrounding the US spot Bitcoin ETF, particularly in light of the impending Bitcoin halving event. Recent data from Coinglass illustrates a significant impact, with over $109 million in Bitcoin short positions liquidated within 24 hours. This underscores the market’s acute responsiveness to regulatory shifts, accentuating the eagerness for the SEC’s decision in the coming days.

Pando’s bold step into the US financial market, leveraging its expertise and experience from the European domain, underscores its commitment to navigating the intricate regulatory landscape. The enthusiastic response from the market serves as a testament to the significance of this development in shaping the broader narrative of cryptocurrency adoption and regulation globally.